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Ethereum Holds Critical Support – $2,350 Level Could Define The Next Move
- Ethereum has dropped 17% since Friday amidst news of US airstrikes targeting Iranian nuclear facilities, causing panic selling in risk assets.
- ETH found temporary support at $2,100, a critical demand area, after breaking down from a long-standing range.
- Analyst Ted Pillows emphasizes the need for Ethereum to reclaim the top of the former range to signal a potential bullish momentum shift.
- Despite recent price actions and geopolitical uncertainties, Ethereum's path forward remains uncertain amidst the current market volatility.
- Recent price action has negatively impacted altcoins, with Ethereum facing intense bearish pressure and shedding over 26% of its value since its early June high.
- The ongoing geopolitical instability and macroeconomic pressures contribute to Ethereum's fragile environment, with high US Treasury yields and inflation affecting sentiment.
- ETH's current price around $2,248 marks a breakdown from the key range between $2,320 and $2,850, indicating strong bearish momentum.
- The rejection from the upper resistance zone suggests continued downside pressure, with the price struggling below key moving average levels.
- ETH needs to reclaim and consolidate above the $2,265 level to signal a potential short-term bullish reversal; failure to do so could push the price towards the $2,000–$2,100 support cluster.
- Volume spike during the drop indicates panic selling, emphasizing the need for bulls to reclaim the $2,320 range low quickly to avoid further downside pressure.
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